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Wednesday, 25 November 20
MARKET INSIGHT - INTERMODAL
 Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an affordable price, while it is promptly available across the globe. LPG is mainly sourced from natural gas and oil production operations, but as new technologies and techniques grow, it can be further produced from renewable sources. Currently, LPG is already a preferred marine fuel solution for LPG carriers. Furthermore, the World LPG Association has stated that LPG as a marine propulsion fuel will play a leading role towards IMO's 2050 regulations, which will require further reduction on greenhouse gas emissions by at least 50% until 2050, compared to 2008. As stated by the WLPGA association with the marine industry pressured to comply with IMO 2020 by reducing emissions, LPG can make significant inroads into the marine fuel market. Hence, LPG propulsion, starting with the LPG carrier sector, needs to move beyond a niche fuel option, to gain the acceptance in the wider shipping sector that it deserves.
The current demanding environmental regulations and large capital investment required to set up new facilities, have restrained the market growth. Advancements in technologies, such as new alternative fuel propulsion engine technologies, are expected to boost market growth. LPG as a propulsion fuel is today almost absent from the shipping sector and especially from commercial vessels, where the vast majority of engines are diesel, and alternative fuels solutions such as LNG continue their growth. However, regarding larger commercial and passenger ships, LPG is starting to get some attention as it stands as a likely alternative among the other gaseous fuels. Ship operators, with traditional propulsion plants and fuels, mainly couldn’t meet the new 2020 regulations without installing expensive exhaust equipment or switching to low‐sulphur diesel, low‐sulphur residual, or other alternative fuels, all of which have an impact on profit. As attention turns to an array of possible solutions, heavy-sulphur fuel oil with scrubbers, distillates, blended fuels and LNG, so as to comply with the IMO's 0.5% global sulphur cap regulation, LPG may gain more acceptance as a viable solution, as compared to LNG, which is more problematic and expensive to implement.
As reported LPG's growth will be fast-tracked, since the infrastructure for distribution and bunkering is already largely available to serve potential marine market demand. There are more than 1,000 LPG storage facilities worldwide that can be used for LPG bunkering, and more than 700 small size LPG carriers, that can be used for ship-to-ship bunkering. It is worth to mention that in 2018 Dorian LPG entered into a MOU with Hyundai Global Service to undertake research and engineering studies to upgrade the main engines of up to 10 of the Company's VLGCs to dual fuel technology utilizing LPG as fuel in anticipation of environmental regulations. LPG supply surplus is an additional advantage with production excess ranging from 15 to 27 ΜΤ per year, which are either used or “lost”. Reduce LPG prices (comparatively to LNG) driven by the shale gas revolution is also an important driver for market entry.
On the other hand, the use of LPG as a marine fuel faces challenges that need to be defeated such as the investment required by ship owners and fleet operators and the need for LPG to be on a level playing field with other alternative fuels. Also, the prerequisite of technology development of new engines together with the necessity of commercialization of these new engines.
Last but not least, shipbuilders are already considering vessel designs that use LPG as propulsion fuel. It can be used in all sizes of vessels from the largest ocean going ships, down to the smaller boats with inboard or outboard engines. It may play a leading role in this changing environment and re-establish its position, as an effective alternative clean marine fuel. Coordinated action from all related stakeholders is key to address the identified specific issues that hinder development and release the market potential.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 18 September 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
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- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- The University of Queensland
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
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